lifetime allowance


Also found in: Acronyms.

lifetime allowance

The maximum amount of pension savings that a person in the UK can accrue during his or her lifetime without incurring a tax charge.
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References in periodicals archive ?
You have alluded to the fact that, with effect from 6 April 2014, both the Lifetime Allowance (the maximum amount a person can save into a registered pension scheme in their lifetime) and the Annual Allowance (the maximum amount a person can save into a registered pension scheme in any given year) are set to reduce.
There are some circumstances where it is worth considering a transfer for the right reasons, but these are very limited, and Lifetime Allowance planning is unlikely to be one of them.
A lifetime allowance on the level of saving that can qualify for tax relief is being introduced.
Nicholls was responding to an article in Monday's Racing Post in which Steve Dennis argued that giving women jockeys a 3lb lifetime allowance would help combat the apparent lack of opportunities they face when riding out their claim.
The existing tax schemes for pensions to be replaced with single lifetime allowance, capped at pounds 1.
There were two types of Protection available at 5 April 2014 when the Lifetime Allowance reduced from PS1.
A The pensions lifetime allowance (LTA) - the total value of pensions lifetime allowance (LTA) - the total value of pension savings that AThe can be accumulated without a tax charge, taken or not - will be reduced from PS1.
The Lifetime Allowance (LTA), the amount up to which one can draw tax efficient benefits from a pension over and above which will incur a tax charge of 55 per cent, remains at PS1.
Currently, if you go over the lifetime allowance limit on pensions, very punitive tax charges apply.